Holding a high position in your business offers great rewards, but it also brings a greater exposure to risk. If something goes wrong, it’s likely you’ll be held accountable. With management liability insurance through Wesleyan Financial Services, you’ll get comprehensive cover for claims made against you and your company.
*Opening hours are Monday to Friday 9am - 5pm.
As a director, officer or manager, you have a lot of people to consider in your day-to-day role. From employees and shareholders, to customers and regulators, you’re responsible for making sure things go smoothly.
If something does go wrong, you’re at a greater risk of being sued. Though you can’t predict when someone will make a claim against you, you can protect yourself and your company with insurance.
We work with a range of leading insurers, including Aviva, Allianz, Travelers, PEN and QBE. Through our team of commercial insurance specialists, you can get a policy that’s tailored to your needs.
Depending on the level of cover you choose, your policy can protect you against a range of claims. For example:
|
Type of claim
|
What this means
|
|---|---|
|
Health and safety
|
This will cover legal expenses and any compensation you need to pay out due to a breach of health and safety. For example, if one of your staff becomes seriously ill or injured due to an accident at work.
|
|
Deprivation of assets
|
This will cover you if your assets and bank accounts are frozen and you need to pay for a common expense. Common expenses include school fees, mortgage payments, utilities or personal insurance.
|
|
Employment practices liability
|
If you fail to follow your duties as an employer and are taken to court as a result, you’ll be covered for any defence costs and compensation that you need to pay. For example, if you fire an employee and it’s found to be an unfair dismissal.
|
|
Corporate legal liability
|
This will cover you for a variety of corporate legal liability cases. For example, if you use someone else’s image in a marketing campaign and are found guilty of copyright infringement.
|
|
Commercial crime
|
This covers money laundering, false advertising, embezzlement and more. For example, if you find a member of your staff has set up a ‘ghost’ employee on the payroll and is fraudulently claiming a salary.
|
We won’t cover any claims that arise from:
We won’t cover claims that were:
Is management liability the same as directors and officers insurance?
You may have heard the two used interchangeably, however directors and officers insurance is just one part of management liability insurance. It can be purchased separately, or alongside corporate legal liability and employment practice liability.
Together, these three products make up management liability insurance.
When you get in touch with our team, we can talk you through the three types of cover.
While you’re not legally required to have management liability insurance, it acts as a financial safety net if you or your leadership team face allegations of mismanagement.
It’s usually the individual’s responsibility to cover the cost of any claims made against them. Legal costs can quickly rack up as you pay out for damages, expenses and settlement fees.
If you aren’t sure whether you need management liability insurance, our team of insurance experts can assess your needs and talk you through your options. As we have access to a range of insurers, we can help you find a policy that’s right for you.
The main risk of not having insurance is that you’ll need to pay out of your own pocket if someone makes a claim against you. In worst cases, a large settlement claim could lead to bankruptcy.
Aside from the financial impact, some individuals may only go into business with you if you have liability insurance in place. It provides your business partners with the peace of mind that you’re covered if the worst was to happen.
To reduce risks, you and your company should follow best practices, such as:
Management liability insurance protects businesses at a management level. For example, it covers directors, officers and managers against claims of mismanagement. It also covers the company if it pays out on behalf of the managers.
Professional indemnity insurance protects businesses against civil liability claims made against their professional advice and services. For example, if a third-party loses money as a result of taking advice.
If you’re unsure which policy is right for you, we’re here to help. You can give us a call on 0808 296 7962 or fill out our short form to get started.
How much cover you need depends on a number of factors, including the industry you’re in, the size of your business and the risks you face in your working life.
It’s not the easiest to work out, which is why we’re here to do the hard work for you. When you get in touch, we’ll consider all the factors that go into your insurance needs.
We’ll present you with a range of policies best suited to you and your budget.
Keep things business as usual with hard-working protection for your office. Get cover for damage, loss, liability, business interruption and more.
Get all-round cyber protection for loss and damage to your digital assets, business interruption from network downtime and more.
If you own one or more commercial properties, you can get cover that protects your buildings, contents and more.
Please note that limits, exclusions and charges apply. Full terms and conditions of the policy and cover, including benefits and exclusions, will be provided when you get a quote. Risk must be acceptable to underwriters at normal terms.
Wesleyan Financial Services is a broker and its insurance products are provided by a number of insurers.